The Winning Poker Network offers cutting-edge software that caters to online poker and casino games. Currently, there has been an increased demand for Bitcoin payouts from poker sites on the network.
In a recent report by Bloomberg, the networks CEO, Phil Nagy said :
“Right now 90-95% of our payouts are people asking for Bitcoin because it’s going up. We are constantly having to go out and buy Bitcoin — lots. Lots. More than we’ve even had to before.”
Also, he mentioned that the biggest number comprises American customers although online poker is declared illegal in most states.
Due to increased demand in Bitcoin, brokers are now charging as high as 1.5%. The total transaction volume in bitcoin is already more than 60% which is about $100M monthly.
Winning Poker Network has started accepting Bitcoin in 2014. In July 2019, the network set a Guinness World Record for the largest cryptocurrency winning a jackpot in an online tournament amounting to $1,050,559.50 or 104.23 bitcoins.
Over the past few weeks, we have had a continuous hike in the price of bitcoin. It remained the most dominant cryptocurrency causing the other altcoins to crash. Last Wednesday, the digital currency recorded an 8.6% price increase trading at $18,172. Although its price continues to fluctuate given its volatility, as of writing, bitcoin is now at $18, 232.51. It can be recalled that in 2017, the cryptocurrency recorded its all-time high at $20,000. Experts were already predicting a bull run before the year ends.
But despite the ongoing price rally, according to the WPN CEO, the network doesn’t store bitcoin. He further added that they immediately convert to fiat as soon as possible as bitcoin is known for its wild price swings.
But with the bitcoin payout surge, the network may somehow change its position in holding the cryptocurrency. With everyone in the crypto industry going ecstatic over the predicted bitcoin bull run, it is enticing to hold bitcoin.